It is time for the Kennedy to retire... however, what is the likelihood of that? On one hand, they only make the coin because they have to.. it's not used in commerce, so will they take the time, effort, expense, etc. to change it?
On the other hand, the Mint is in a phase of pumping out coins to generate interest and boost sales, so it may come to pass. Maybe they will pull a '09 Lincoln', make an anniversary set, and change the design for 2015? Only time will tell, I suppose.
While MLK is a worthy subject, I'd much rather see a return to Liberty coin designs... the recent SSB commemorative seems to be a great success for them, and perhaps they will take the hint.
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